Do you want to invest a part of your salary in financial instruments? However, before that, have you considered investing in term insurance plans? If no, then you should seriously give it a thought.

A term insurance plan lays the foundation of any successful investment portfolio. Many young professionals refrain from investing in life insurance, as they have little or no responsibility on their shoulders. If you are one of them, then you are making a big mistake. There are numerous advantages of investing in term plans from an early phase of life. These include:

• Straightforward insurance policy

Term plans are easy-to-understand. They are a simple type of life insurance plan, as they purely provide life protection for a specific duration at an affordable premium. As there is no investment component involved in a term plan, it becomes easier for you to understand its terms and conditions. A term insurance plan secures your family’s financial future against the uncertainties of life. In the case of an untoward incident during the policy tenure, the insurer is liable to pay the death benefit (sum assured) to your family members. Here, there are no maturity benefits unless you have purchased term insurance with a return of premium (TROP). Another plus point of a term plan is that one can buy it at the young age of 18, and the maximum age limit is 65.

• Economical premium

A term plan comes at a pocket-friendly cost. When compared to any other type of insurance policy, the term insurance premium is the lowest. Besides this, when you invest in a term plan at a younger age, you get it at a nominal rate viz-a-viz an older policyholder. It is because during this phase of life you are healthy, and the risk of mortality is significantly low. Also, there is a lower probability of having life-threatening diseases like diabetes, high blood pressure, and cardiovascular diseases. Additionally, the term plan’s premium remains the same throughout the period of the policy. So, if you start at an early age, you can save a large sum on the premium in the long run.

• Tax exemptions

The term insurance tax benefit is another reason why you should invest in it. Here, you can get a deduction of up to INR 1.5 lakh per annum for the premium you pay towards your term plan under Section 80C of the Income Tax Act, 1961. So, you must invest in a policy when you are young to avail of this term insurance tax benefit for a longer duration. Moreover, the sum assured that your family members receive in case of an unfortunate event is tax-free as per Section 10(10D) of the Act.

• Availability of riders

Term plans offer various riders like critical illness cover, accidental death benefit, income rider, the waiver of premium, and permanent disability, among others to widen the scope of your coverage. Though you have to pay supplementary charges for these riders, they are worth every penny. Therefore, it becomes crucial to opt for riders that can meet your needs.

Today, it is quite convenient to buy a term plan. You can purchase it online from the comfort of your home. By opting for this mode, you end up paying a much cheaper premium compared to buying a policy through an agent. This is because the insurer eliminates the agent’s commission and passes on this benefit to you in the form of a discounted premium. If you are looking for an ideal term plan, you can take the assistance of an online term insurance calculator. It enables you to compare the premiums of various plans based on the factors like your age, tenure, and the sum assured.

Now that you have understood the importance of having a term plan, invest in it without any further delay. By making this decision, you will ensure that your family has a large sum assured when you are not there to take care of them.

 

The person who can spend more time in the trading field chooses day trading. Here, people get the chance to make more money, but this is also risky. Investors should learn to control their emotions as they are required to make a quick decision. In the trading field, if you are unable to understand the situation, it is not possible to make a quick decision. There are four steps for becoming a day trader which are being discussed here.

Prepare Yourself

Every trader should invest time in preparing themselves. When the person will be able to improve the necessary abilities, it will be possible to become successful. Investors should try to focus on developing the necessary traits to gain the rewards, Most of the time, the investors cannot be able to recognize the trends because of the lack of knowledge. The person should know about the technical analysis to operate the trading activity properly. If you cannot be able to allocate the time properly for the activities, it is not possible to take good preparation. When the person is prepared enough, he will not face any problems to a swift decision.

The self-learning process will help to improve trading performance. To do this, people should focus on developing a good routine which will help to maintain regularity. People can gain knowledge from books and some online resources. But, it is necessary to check the authenticity of the information.

Implement the Strategy Properly

Investors should learn to implement the strategy. When the person will be able to stick to the plan, it will be easy to carry out the trading process properly. The plan will help to determine the appropriate entry and exit points. People should open and close the position at the correct time to make money. If you do not be able to maintain the discipline, there are no benefits of making a fruitful plan. Always try to learn from the experienced traders at Saxo Bank group. It will definitely help you to formulate your trading strategy.

People should give proper concentration on developing a better plan and increase the discipline level. Investors should trail the plan in the virtual field if they want to sure about this. Without ensuring affordability, it will be the wrong decision to apply the plan in the real market. If the strategy provides a better result in the market, it will be applicable in the real field. This will also help to build the confidence level and do a better performance.

Control Emotions

Without controlling the emotions, it is not possible to make a better decision. People should take some necessary steps for controlling emotions. When the person will be able to deal with the negative sentimental issues, it will be easy to control the situation. In day trading, people try to do overtrading. So, when the person will fall into the trap of overtrading, it is not possible to secure the money. That’s why the investors should determine how many trades they will do every day and they should not cross the limit. Because of excessive greed, people make mistakes in day trading. Investors should remove this from the mind.

Start Small

If you try to make a large profit instantly, you will face failure. People should focus on making small profits in the initial stage. When they will be experienced, they should try to expand their portfolio. People should aware of co-related assets. Without gaining proper experience, it is not possible to handle a critical situation. If the person is unable to secure the account balance, he will fail to go in the long run. In day trading, the cost is high. So, people should contemplate this fact before opening a new position.

Day traders should not ignore fundamental analysis as it is necessary to up to date with the market. The person is also required to choose the right broker for doing the transaction process smoothly which will help to become successful.

 

February is the depth of winter for most people. So if you’re spending the cold month inside, staving off boredom, why not get your financial affairs in order. Below are a few tips to help you get through the harsh weather and figure out your finances.

Get An Early Jump On Your Taxes

Most tax experts suggest filing early. One of the main benefits to that is if you’re owed a refund, you’ll receive it earlier. Of course the other benefit is also a bit of a drawback; if you owe the IRS money and you file your taxes early, you still have to pay the IRS. However, you will have the maximum amount of time to figure out how to pay them. Because there have been many tax law changes in the recent past and because this past year in particular will be tricky to navigate, it’s recommended to use a professional. If you don’t have an accountant, check in with your financial planner Orlando for some high quality recommendations.

Pay Down Holiday Debt

Interest rates are on the rise again so it’s becoming more expensive to carry credit card debt. If you haven’t paid off your holiday gifts yet, you should do so quickly. If you struggle with debt like this in general, try to make multiple monthly payments on your cards. Many people don’t realize that credit card companies will accept more than just one payment a month. Secondly, look for a lower interest rate. Most companies offer a 0% transfer rate which means it won’t cost anything to move your debt to a new card with a lower interest rate. A strategic move like that could wind up saving you a bundle.

Check Your Credit Report

Now, nationwide credit reporting companies are required by law to provide you with a free copy of your credit score, upon request, once a year. It is often suggested to order a credit report from a different major credit bureau once a quarter. This will allow you to monitor your credit multiple times per year, for free. Your credit card affects your interest rates on your largest purchases, so it’s very important you track your score and know where you stand.

Spend Some Money

Spend some money–some being the operative word though. We are always so focused on saving money, but spending money wisely is almost just as good. According to Consumer Report experts, February is the month that tends to have the lowest prices on thousands of items. If you’re able to shop in “off-seasons” like February, you will find you’ll have everything you need and you will have saved money acquiring those goods, as well.

Strengthen your financial habits in february, and create a good healthy financial start to your year.